Communications and Education Working Group (CEWG)
The Communications and Education Working Group (“CEWG”) has been mandated to manage communications to stakeholders to facilitate the smooth transition from the current industry standard securities settlement period for most equities, bonds and certain other securities of three days after trade date (T+3) to two days (T+2) to maintain a consistent settlement cycle with that of the U.S.
The Canadian T+2 initiative is being coordinated in concert with the United States. The joint Canadian-American implementation date is targeted for Q3-2017.
The CEWG membership is open to individuals representing firms and organizations with an interest in the T+2 initiative. These firms and organizations include the buy-side, custodians, sell-side, service providers, industry utilities/infrastructure, self-regulatory organizations, and other regulatory bodies. New members may join the CEWG at any point.
The CEWG reports to the CCMA T+2 Steering Committee (“T2SC”) via the CEWG Chair and interacts with other CCMA T+2 committees for communications plan purposes.
The CEWG will:
- Develop and execute a comprehensive integrated communications plan to the financial community, regulators/government, and media to support the smooth implementation of a T+2 securities settlement cycle in the Canadian capital marketplace to coincide with a similar move in the U.S.
- Monitor, and report on relevant, T+2 developments in the U.S., co-ordinating where warranted with the UST2 Secretariat
- Prepare/manage tools for helping advance the understanding of T+2 and T+2 preparations, including providing material, if determined necessary, for the financial community’s communications with their clients
- Identify and mitigate possible communications risks.
Administratively, the CEWG will:
- achieve industry consensus on proposed solutions, action plans and timelines for all open issues;
- assign responsibility for issues;
- provide ongoing communication to the T2SC, tracking issues through to completion; and
- provide additional guidance, direction, and support for T+2 legal and regulatory issues as requested by the T2SC.
Meetings will be called by the Chair. Notices calling meetings and agendas will be sent to all CEWG members. Meetings will be minuted and attendance recorded. Meeting minutes will be tabled with the CEWG for approval. There is no set minimum quorum requirement for meetings. All recommendations will be forwarded to the T2SC for final approval. Minutes and decisions of the CEWG may be posted on the CCMA website.
As at August 18, 2016
2016-October-17 (all issues resolved)